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券商掘金 | 中銀證券:蘇博特2022年業績承壓,但下游需求恢復可期 維持“買入”評級
格隆匯4月21日丨中銀證券發佈研究報吿指出,蘇博特(603916.SH)2022年實現收入37.15億元,同比下降17.8%;歸母淨利潤2.88億元,同比下降46%。2營收和淨利潤均出現下滑,主要受疫情封控和地產下行雙重影響。公司高性能減水劑銷量同比下降22.6%,單位毛利同比減少60.5元/噸,主要因下游需求不振導致公司各項成本及費用攤薄效應減弱。然而,在2023年第一季度基建投資同比增速超10%的背景下,商品房銷售面積降幅較2022年明顯收窄,銷售單價有所回升,有望帶動減水劑下游需求回升。此外,公司廣東江門基地於3月竣工投產,有助於進一步優化公司產業鏈佈局,增強公司核心競爭力。中銀證券預計,2023-2025年蘇博特收入分別為41.8億元、49.5億元和57.9億元,歸母淨利潤分別為4.2億元、5.3億元和6.1億元。預計2023-2025年每股收益(EPS)分別為1.01元、1.27元和1.45元。鑑於蘇博特在行業中的地位和未來需求的恢復,中銀證券維持對該股的“買入”評級。
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